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This is a variation of Tom DeMark's ROC2 indicator.
Play with the parameters to find which setting works best for the
given index or stock. I'd like to see a variation of this indicator
that automatically selects the best "VarPerc" setting for any ticker,
without having to use an kind of optimization.
A quick visual check when your browse the different parameter
settings usually shows one or two settings that demonstrate
dependable support and resistance areas. Manually adjusting VarPerc
is not difficult, but it slows things down.
Post your variations of this or just email them to me. Thanks! Enjoy!
Bman
/* Tom DeMark's Rate of Change 2 (TD ROC 2) Multiple*/
// Set A variables
varOversoldSignal = 97.5; // default 97.5
varOverboughtSignal = 107; // default 102.5
varPeriod = 22;
varThreshold = 100; // Param("thresh",1,1,100,1); // default 100
TDROC1 = (C/Ref(C,-(varPeriod)))*100;
TDROC2 = IIf(TDROC1>varThreshold, (H/Ref(H,-(VarPeriod)))*100, (L/Ref
(L,-(VarPeriod)))*100);
//Plot(MA(TDROC2,4),"TDROC2",colorBlack,styleThick);
// Set B variables
varBPeriod = 15;
TDBROC1 = (C/Ref(C,-(varBPeriod)))*100;
TDBROC2 = IIf(TDBROC1>varThreshold, (H/Ref(H,-(VarBPeriod)))*100,
(L/Ref(L,-(VarBPeriod)))*100);
//Plot(MA(TDBROC2,4),"TDBROC2",colorBlue,styleThick);
// Set C variables
varCPeriod = 10;
TDCROC1 = (C/Ref(C,-(varCPeriod)))*100;
TDCROC2 = IIf(TDCROC1>varThreshold, (H/Ref(H,-(VarCPeriod)))*100,
(L/Ref(L,-(VarCPeriod)))*100);
//Plot(MA(TDCROC2,4),"TDCROC2",colorOrange,styleThick);
// Set D variables
varDPeriod = 5;
TDDROC1 = (C/Ref(C,-(varDPeriod)))*100;
TDDROC2 = IIf(TDDROC1>varThreshold, (H/Ref(H,-(VarDPeriod)))*100,
(L/Ref(L,-(VarDPeriod)))*100);
//Plot(MA(TDDROC2,4),"TDDROC2",colorWhite,styleThick);
VarROCFinal = (TDROC2*1.25+TDBROC2*1.15+TDCROC2*0.85+TDDROC2*0.75)/4;
// Buy Support Line
x = Cum(1);
VarPerc = Param("VarPerc",0.3,0.01,2.0,0.01); // default 0.3
perchg = VarPerc*LastValue( Highest( ROC( VarROCFinal, 50 ) ));
startvalue = LastValue( Trough( VarROCFinal, perchg, 1 ) );
endvalue1 = LastValue( Trough( VarROCFinal, perchg, 2 ) );
startbar = LastValue( ValueWhen( VarROCFinal== startvalue, x, 1 ) );
endbar = LastValue( ValueWhen( VarROCFinal== endvalue1, x, 1 ) );
Aa = (endvalue1-startvalue)/(endbar-startbar);
b = startvalue;
trendline = Aa * ( x - startbar ) + b;
// Short Resistance Line
y = Cum(1);
Bperchg = VarPerc*LastValue( Highest( ROC( VarROCFinal, 50 ) ));
Bstartvalue = LastValue( Peak( VarROCFinal, Bperchg, 1 ) );
Bendvalue1 = LastValue( Peak( VarROCFinal, Bperchg, 2 ) );
Bstartbar = LastValue( ValueWhen( VarROCFinal== Bstartvalue, y, 1 ) );
Bendbar = LastValue( ValueWhen( VarROCFinal== Bendvalue1, y, 1 ) );
BAa = (Bendvalue1-Bstartvalue)/(Bendbar-Bstartbar);
Bb = Bstartvalue;
Btrendline = BAa * ( y - Bstartbar ) + Bb;
// Buy Settings
varTDROC2_M_Buy = x >= endbar AND VarROCFinal<=1.01*trendline; //
bounce long support
// Short Settings
varTDROC2_M_Short = y >= Bendbar AND VarROCFinal>=0.99*Btrendline; //
bounce long resistance
// Plot Colored Line
Plot(VarROCFinal,"TDDROC2 Multiple",colorBlack,styleThick);
Graph0BarColor=IIf(varTDROC2_M_Buy,colorBrightGreen,IIf
(varTDROC2_M_Short,colorPink,colorBlack));
Plot( IIf( x >= endbar, trendline, Null ), "Trendline", colorYellow,
styleDots );
Plot( IIf( y >= Bendbar, Btrendline, Null ), "Trendline", colorBlue,
styleDots );
//Plot(varOverboughtSignal,"",colorRed,styleThick);
//Plot(varOversoldSignal,"",colorGreen,styleThick);
Title = "TDROC2";
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